Hong Kong’s ZA Bank Offers Crypto Conversions Amid City’s Push Into the Industry

(Bloomberg) — Hong Kong’s biggest virtual bank is pushing into transfers of crypto and fiat currencies and to provide account services for the city’s burgeoning digital asset sector.

Founded by Chinese billionaire Ou Yaping among others, ZA Bank will offer token-to-fiat currency conversions over licensed exchanges, Ronald Iu, the lender’s chief executive officer, said in an interview Tuesday. ZA will act as a settlement bank for clients to allow withdrawals in Hong Kong, Chinese mainland and U.S. currencies after they deposit crypto tokens with exchanges, Iu said.